I have taken a loan of 9 Lakhs for a flat for which I have take possession last November.What all documents will I need to get tax exemption. I have rented out this apartment. What documents will I need to show rental income.
Please help

2 Answers
2

You do not need any documents for exemption, Just get the exemptions amount calculated by an accountant and file it and save your bank statements and loan statements that your loan provider will send you from time to time. You would only need these documents if your tax returns are investigated at some point.

Please note that tax deduction under section 80EE does not apply in your case as the property is not occupied by you and is rented out.

You would need the letter from the Bank / Financial Institution to show the amount of Interest repaid and amount of principal repaid. For the first year you would also need a copy of Possession letter.

Rental income need to be declared, there is no documentation required during declaration, however in case of scrutiny, you need to have Agreement and Rental Income receipts or entries in your Bank Account.